Coverages in Two Wheeler Bike Insurance
If you have recently purchased a bike, then one of the first things you should be doing next is buying online two wheeler insurance. But while you might be tempted to take your dealer’s insurance, a wiser bet would be to understand what covers your need for your insurance.
Any motor insurance, whether it’s a two-wheeler insurance or car insurance comes in two variants – third party liability and comprehensive package. The third party liability is a bare skeleton package that does not offer any protection for the own bike repairs, the owner, or the rider. Instead, the comprehensive package offers a set of covers which can help you save time, money and energy if invested properly. Here’s a look at the available covers for online two wheeler insurance.
Optional Covers in Online Two Wheeler Insurance
The best online two wheeler insurance packages have a list of optional covers which can be purchased by the customer depending on their need. This brief listing should help you determine your insurance priorities.
#1 Zero depreciation cover
Generally, as the bike ages, depreciation is charged by the insurance companies for the wear and tear that it faces. This depreciation amount is adjusted against the claim value. While the actual repair costs do not account for the depreciation, this leaves a gap between the actual cost and approved claim amount.
With the help of a zero depreciation cover, you would not need to pay that extra money and the insurance company would no longer account for the depreciation when paying your claim. The depreciation percentage increases every year.
#2 Engine coverage
An interesting point here is that policyholders should always consult the inclusions and exclusions list when purchasing a policy. Many insurance companies do not cover damage to the engine. And since it forms one of the most expensive parts in a bike, it can set you back thousands of rupees.
As a result, the wise bet would be to have an engine cover in your policy, so whenever you have water logged in your engine or any other problem, it remains covered by your policy.
#3 Consumables cover
Consumables are referred to those parts of a vehicle which can only be used once and cannot be reused. An example of consumables is nuts, bolts, oil filters, engine oil, gear oil, etc. When repairing your bike, these costs are added to the tally.
But insurance companies do not cover these expenses since these have to be regularly changed. As a result, the brunt of the expenses will lie with the policyholder. To avoid this, a consumables cover will enable you to claim the money spent on such items.
#4 Personal accident cover
While an online two wheeler insurance covers the cost of damage to a bike, most insurance companies do not offer compensation to the policyholder for any injuries suffered. A personal accident cover provides lump sum compensation to the injured person in case of an accident.
#5 Pillion rider cover
Like the personal accident cover, most insurance policies do not come with an inbuilt cover for the pillion riders. If you regularly travel with a pillion rider, like many families do, it’s best to take a pillion rider cover. This cover will help you cover the costs and expenses borne by the pillion rider in case of an accidental injury.
#6 Accessories cover
There are many parts of a high-end bike which are expensive. These accessories are generally categorised as – electrical and non-electrical.
Electrical accessories cover parts like a fog light, brake light spoiler which is the expensive and typically high end. Nonelectrical accessories include seat cover, alloy wheels, etc. In the event of an accident, these are not included in the policy. Buying an accessories cover will help you overcome the extra cost these parts need.
Third Party Legal Responsibility in Online Two Wheeler Insurance
Most vehicle owners are unaware of the legal implications of buying a bike or car in India. The Indian Motor Vehicles Act, 1988, mentions that all vehicles need to have third party liability insurance. In an insurance contract, the insurance company is referred to as the first party, while the policyholder is known as the second party. The third party refers to any other person. It is generally used to refer to any third party who can be injured in case of a road accident.
In such cases, it’s the responsibility of the vehicle owner to provide compensation to the injured. As such, most companies provide third party liability insurance up to INR 7.5lakhs, keeping in line with the Government of India regulations.
Before buying two-wheeler insurance, it’s best to analyse and evaluate which covers are most appropriate to you. Once you do that, head over to Coverfox.com to get the best online two wheeler insurance quotes for your bike. Review the covers, coverage amount, and quotation to choose the right fit for you.